• 13 June 2012, Moody's downgrades Spain from A3 to Baa3 and Cyprus from Ba1 to Ba3.• 13 July 2012, Moody's downgrades Italy from A3 to Baa2.• 23 July 2012, Moody's changes the outlook for Germany, The Netherlands andLuxembourg from stable to negative; Finland's outlook remains stable.• 25 July 2012, Moody's changes the outlook for the EFSF from stable to negative.• 2 August 2012, Moody's downgrades Slovenia from A2 to Baa2.• 7 August 2012, S&P changes the outlook for Greece from stable to negative.• 3 September, Moody's changes the outlook for the EU from stable to negative.
Again in this edition of the Debt Observer we note a series of changes in sovereigncreditworthiness by the rating agencies, mostly on the downside, with the exception of Finland that continues to hold its triple-A position with two stable and two negativeoutlooks.
shows a schematic summary of the ratings assigned by the various agencies; theChinese agency Dagong has been added in this edition.
shows thecorrespondence between the ratings levels of the various agencies.
Table 1: Ratings of selected countries(Source: Various rating agencies)